The United States is experiencing a renaissance in interest in space due to the advent of new lowercost small spacecraft. New launch entrants, such as Interorbital Systems, promise to lower launch cost levels. Many de...The United States is experiencing a renaissance in interest in space due to the advent of new lowercost small spacecraft. New launch entrants, such as Interorbital Systems, promise to lower launch cost levels. Many developers also benefit from free-to-developer launch services from NASA or the ESA. Unfortunately, existing commercial off the shelf (COTS) CubeSat hardware is priced based on amortization of design costs across low-sales volume. A lack of trained staff in any one of the numerous disciplines required for spacecraft design or other resources required for in-house development restricts entry into the small satellite industry to those who can afford expensive COTS hardware or pay for significant design expenses. With entry-level satellite hardware still priced in the six-figure range, limited market growth is expected even as the average CubeSat launch cost continues to decline. A new archetype could lower barriers to entry for building small satellites. A free, public-domain architecture for building a small satellite could allow low-cost, in-house satellite development. Under this paradigm, the expenses for initiating a small satellite program are limited to component and launch vehicle costs. The proposed framework allows for broad access to small satellite hardware, greatly increasing the size of the small satellite developer community. In the context of the small satellite market, freely offering plans to construct an entry-level satellite will court new non-traditional actors into building space hardware for launch on commercial and government small satellite launchers. The low-cost, high flight rate possible with the next generation of launch systems affords operators the freedom to experiment and innovate in a risktolerant environment. Successfully demonstrating products and services utilizing low-risk, publicdomain plans will stimulate demand for mature and more capable flight systems in the retail marketplace. If technical schools, community colleges, universities, small businesses and even amateurs can enter into the small satellite ecosystem, at an affordable entrance price, a positive spiral of increasing demand and decreasing cost may be created over time. A free, public domain satellite architecture may, thus, open the door to sustained growth and commercial opportunity for the small satellite industry.展开更多
Hot summer not only hampers the pace of people’s participation in outdoor sports,but also ignites the insiders’and more and more outdoor-sport lovers’enthusiasm.
Through study,it is found that since 1952,there has been a long-run equilibrium relationship between China's rural financial market growth and rural economic growth,the government-led rural financial market growth...Through study,it is found that since 1952,there has been a long-run equilibrium relationship between China's rural financial market growth and rural economic growth,the government-led rural financial market growth has effectively supported rural economic growth,and increasing the farmers' financing ratio has always helped to boost long-term growth of the rural economy.However,dominated by market mechanism from 1978,there is only one-way support relationship:rural economic growth brings about quantitative growth of rural financial market.展开更多
In 2011,under the supporting role of the relatively stable domestic macroeconomic environment,the growing income and other factors,the overall domestic market of China’s textile industry still maintained
Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymme...Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymmetrical ＂features, The Copula model can effectively solve these problems. This paper aims to study the dynamic correlation between the second board market and SME board market by building Copula models to the return series of the two boards＇ indexes and calculating the dynamic correlation coefficient between the two markets. The study results show as the following：（1） there is positive correlation between the second board market and SME board market and the correlation is very strong; （2） time-varying Copula model is better than constant correlation Copula model in describing the correlations among financial markets as it captures market return＇ s feature of time-varying; （3） The upper ant lower tail dependence coefficient between GEM and SME board market shows less linkage risk has been found; The upper tail dependence coefficient is bigger than the lower tail dependence coefficient, means that the linkage risk is asymmetric, that is to say the tail dependence coefficient is much stronger in the bear market; The upper tail dependence coefficient and lower tail dependence coefficients are both in the stable interval, the overall volatility is small.展开更多
In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport.... In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.……展开更多
文摘The United States is experiencing a renaissance in interest in space due to the advent of new lowercost small spacecraft. New launch entrants, such as Interorbital Systems, promise to lower launch cost levels. Many developers also benefit from free-to-developer launch services from NASA or the ESA. Unfortunately, existing commercial off the shelf (COTS) CubeSat hardware is priced based on amortization of design costs across low-sales volume. A lack of trained staff in any one of the numerous disciplines required for spacecraft design or other resources required for in-house development restricts entry into the small satellite industry to those who can afford expensive COTS hardware or pay for significant design expenses. With entry-level satellite hardware still priced in the six-figure range, limited market growth is expected even as the average CubeSat launch cost continues to decline. A new archetype could lower barriers to entry for building small satellites. A free, public-domain architecture for building a small satellite could allow low-cost, in-house satellite development. Under this paradigm, the expenses for initiating a small satellite program are limited to component and launch vehicle costs. The proposed framework allows for broad access to small satellite hardware, greatly increasing the size of the small satellite developer community. In the context of the small satellite market, freely offering plans to construct an entry-level satellite will court new non-traditional actors into building space hardware for launch on commercial and government small satellite launchers. The low-cost, high flight rate possible with the next generation of launch systems affords operators the freedom to experiment and innovate in a risktolerant environment. Successfully demonstrating products and services utilizing low-risk, publicdomain plans will stimulate demand for mature and more capable flight systems in the retail marketplace. If technical schools, community colleges, universities, small businesses and even amateurs can enter into the small satellite ecosystem, at an affordable entrance price, a positive spiral of increasing demand and decreasing cost may be created over time. A free, public domain satellite architecture may, thus, open the door to sustained growth and commercial opportunity for the small satellite industry.
文摘Hot summer not only hampers the pace of people’s participation in outdoor sports,but also ignites the insiders’and more and more outdoor-sport lovers’enthusiasm.
文摘Through study,it is found that since 1952,there has been a long-run equilibrium relationship between China's rural financial market growth and rural economic growth,the government-led rural financial market growth has effectively supported rural economic growth,and increasing the farmers' financing ratio has always helped to boost long-term growth of the rural economy.However,dominated by market mechanism from 1978,there is only one-way support relationship:rural economic growth brings about quantitative growth of rural financial market.
文摘In 2011,under the supporting role of the relatively stable domestic macroeconomic environment,the growing income and other factors,the overall domestic market of China’s textile industry still maintained
文摘Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymmetrical ＂features, The Copula model can effectively solve these problems. This paper aims to study the dynamic correlation between the second board market and SME board market by building Copula models to the return series of the two boards＇ indexes and calculating the dynamic correlation coefficient between the two markets. The study results show as the following：（1） there is positive correlation between the second board market and SME board market and the correlation is very strong; （2） time-varying Copula model is better than constant correlation Copula model in describing the correlations among financial markets as it captures market return＇ s feature of time-varying; （3） The upper ant lower tail dependence coefficient between GEM and SME board market shows less linkage risk has been found; The upper tail dependence coefficient is bigger than the lower tail dependence coefficient, means that the linkage risk is asymmetric, that is to say the tail dependence coefficient is much stronger in the bear market; The upper tail dependence coefficient and lower tail dependence coefficients are both in the stable interval, the overall volatility is small.
文摘 In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.……
